天誉置业(00059.HK)：公司清盘呈请延期。百慕达最高法院商事法庭首席法官将呈请的聆讯押后至2025 年10月9日（百慕大时间）进行审理。 ...

鉴于近年来中国房地产市场不景气以及该等物业位于工业园区附近，出售事项为当前情况下出售该等物 业的难得且独特的机会。该等物业于2013年竣工，原计划出售，但由于各种内外原因，该等物业未能出 售，目前仅产生少量的租金收入。由于集团处于困境之中且目前的经营现金流有限，对重组的进展产生 负面影响，而出售事项将改善集团的经营现金流。 智通财经APP讯，天誉置业(00059)发布公告，董事会于2025年7月3日接获卖方江西新好景实业发展有限 公司(公司的拥有65.5%权益的间接附属公司)发出的买卖协议，据此，卖方已同意出售而买方熊诗健已 同意购买该等物业，及卖方已同意转让该等已转让物业的使用权予买方，代价为人民币1600万元。 该等物业及该等已转让物业位于南昌市安义县凤凰社龙津镇凤凰西路凤凰大道88号的综合楼。该等物业 包括75套住宅单位，物业面积为6228.66平方米及11间商铺(商业单位)，物业面积为1283.55平方米，就 出售事项而言，有关物业分为三批：(1)住宅单位301-317及401-414单元(第一批该等物业)；(2)住宅单位 415-417、501-515、601-615及701-703单元(第二批该等 ...

Group 1 - The company *ST Baoshi (000595) has seen a stock price increase of 3.97% this week, closing at 4.97 yuan, with a total market value of 5.659 billion yuan [1] - The company announced the termination of its asset purchase and fundraising plan on April 11, 2025, and plans to make significant adjustments to its original major asset restructuring proposal [1][4] - The company is actively promoting its production and sales efforts while working on major asset restructuring to improve asset quality and profitability [1][4] Group 2 - Baota Petrochemical is actively executing its restructuring plan, which may involve judicial auction of some shares to repay creditors, but this will not change the actual control of the company [2] - The company plans to transition from manufacturing to the renewable energy sector as part of its restructuring strategy [2][4] - The company aims to balance profit reinvestment and shareholder returns while adapting its strategies based on industry trends and operational conditions [2] Group 3 - The company provides bearing products for large machinery in the oil, metallurgy, and mining industries, facing challenges due to an unbalanced customer structure [3] - The company is committed to improving its governance structure and management system, focusing on quality control throughout the entire product lifecycle [3] - The company plans to shift towards high-value-added bearing products, such as oil and railway bearings, to enhance market share [3]

宝塔实业（股票代码：000595）筹备近10个月的重大资产重组事项出现重大调整。 4月11日晚间，宝塔实业发布公告称，决定终止发行股份购买资产并募集配套资金，撤回申请文件，并拟对原重大资产重组方案进行重大调整。 公告显示，宝塔实业原重大资产重组方案计划将除保留货币资金、其他流动资产（待抵扣进项税）、长期股权投资（桂林海威75%股权、北京西轴销售 45%股权）、 其他权益工具投资（西北亚奥16%股权）、无形资产（柴油机土地）以外的全部资产负债作为置出资产，与宁夏电力投资集团有限公司（以 下简称" 宁夏电投"）持有的宁夏电投新能源有限公司（以下简称"电投新能源"）100%股权即置入资产的等值部分进行置换。针对置入资产和置出资产的 差额部分，由上市公司发行股份向宁夏电投购买。同时，公司拟向不超过35名特定对象发行股份募集配套资金。 针对原重大资产重组方案进行调整的主要原因，宝塔实业表示，由于标的公司电投新能源太阳山风电场三四期项目已进入可再生能源电价附加资金补助目 录，但暂未进入国家电网和南方电网公布的第一批可再生能源发电补贴合规项目清单，根据财政部现行补贴资金拨付原则，太阳山风电场三四期项目未来 补贴资金回收存在 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 438,801,000, a decrease of 57.0% compared to RMB 1,019,306,000 for the same period in 2023[2] - Gross loss from sales and services was RMB (539,113,000), compared to RMB (100,312,000) in the previous year, indicating a significant increase in losses[2] - Operating loss for the period was RMB (227,812,000), an improvement from RMB (619,183,000) in the same period last year, reflecting a reduction in operational losses[2] - Net loss before tax was RMB (900,661,000), compared to RMB (1,073,266,000) in the prior year, showing a decrease in pre-tax losses[2] - Total comprehensive loss for the period amounted to RMB (910,000,000), down from RMB (1,101,885,000) in the previous year[2] - Basic and diluted loss per share was RMB (0.101), compared to RMB (0.117) for the same period in 2023, indicating a slight improvement in loss per share[2] Assets and Liabilities - Non-current assets totaled RMB 8,165,523,000 as of June 30, 2024, a decrease from RMB 8,223,757,000 at the end of 2023[3] - Current assets were RMB 12,386,338,000, down from RMB 12,566,648,000 at the end of the previous year[3] - Total liabilities increased to RMB 18,642,239,000 from RMB 17,623,614,000, indicating a rise in the company's obligations[3] - The net debt position was RMB (3,104,794,000), worsening from RMB (2,194,794,000) in the previous year, reflecting increased financial leverage[5] - Total assets decreased by 1.1% to RMB 20,551,861,000 as of June 30, 2024, from RMB 20,790,405,000 at the end of December 2023[53] Cash Flow and Financial Management - Total bank and other borrowings amounted to RMB 13,326,200,000, with cash and cash equivalents at RMB 65,500,000 and restricted cash at RMB 92,700,000[10] - The company plans to focus on improving cash flow from operating activities and debt restructuring to alleviate short-term financial pressure[54] - Cash levels increased to RMB 77,500,000 as of June 30, 2024, compared to RMB 64,700,000 at the end of December 2023[58] - The current ratio remained at approximately 0.7 times as of June 30, 2024, consistent with the ratio at the end of December 2023[58] Debt Restructuring and Negotiations - The company is actively negotiating with lenders for waivers on cross-default clauses related to secured and unsecured bank borrowings[11] - The company has extended the final deadline for the restructuring support agreement to March 31, 2025, to allow more time for the proposed debt restructuring[13] - The proposed debt restructuring plan aims to provide a sustainable capital structure and sufficient financial flexibility for business stabilization[12] - The company has appointed joint provisional liquidators for debt restructuring, with a hearing scheduled for October 4, 2024[55] - The group is actively pursuing offshore debt restructuring while facing litigation risks from investors and creditors[62] Revenue Breakdown - Property sales revenue was RMB 385,453 thousand, down 60.4% from RMB 972,256 thousand year-over-year[14] - Property management service revenue increased by 18.4% to RMB 43,301 thousand from RMB 36,545 thousand[14] - Rental income decreased slightly to RMB 8,940 thousand, down 4.8% from RMB 9,388 thousand[14] - Business operation revenue remained stable at RMB 1,107 thousand, compared to RMB 1,117 thousand in the previous year[14] Operational Challenges - The company faced financial difficulties due to the inability to repay certain due loans and notes since June 2022, leading to a restructuring plan[39] - The real estate industry in China remains in a prolonged downturn, with a 10.2% year-on-year decrease in real estate development investment for the first seven months of 2024[38] - The company has seen a decline in the number of projects delivered, with only one project delivered in the first half of 2024 compared to seven in the same period of 2023[40] Legal and Compliance Issues - Legal proceedings initiated by certain lenders may complicate the execution of the company's measures and timelines[13] - The company is closely monitoring the developments regarding a significant lawsuit involving a claim of approximately RMB 512 million[37] - The group has significant contingent liabilities related to ongoing litigation, but management does not expect these to have a material impact on the financial statements[60] Corporate Governance - The company has not reported any non-compliance with the corporate governance code during the accounting period covered by the interim financial statements[64] - The internal audit department regularly reviews the implementation of monitoring measures related to internal controls and financial reporting[68] - The board has established a permanent risk management committee to guide the management team in implementing monitoring measures and addressing significant risks[62]

Financial Performance - In 2023, the company recorded a total contract sales of RMB 750 million, a decrease of 50% year-on-year[12]. - The revenue from delivered properties was RMB 1.6655 billion, down 21% compared to the previous year[12]. - The net loss attributable to shareholders was approximately RMB 3.4894 billion, similar to the previous year[12]. - The company faced significant liquidity pressure due to a lack of new financing since early 2022, exacerbating its financial difficulties[19]. - The company reported a loss of approximately RMB 3,854,000,000 for the year, compared to RMB 3,594,700,000 in 2022, with the loss attributable to owners amounting to RMB 3,489,400,000[66]. - The company reported property sales of RMB 1,530,000,000 for the year, a decrease from RMB 1,949,100,000 in 2022, with a gross loss margin of 9.0% compared to 13.1% in the previous year[61]. - Rental income from leasing properties was RMB 18,300,000, down from RMB 23,200,000 in 2022, primarily from the commercial podium of Guangzhou Tianyu Garden Phase II and the Hong Kong Capital Center office[61]. - Total assets decreased by 19.9% to RMB 20,790,405,000 from RMB 25,965,211,000 in the previous year, with development properties accounting for 54.1% of total assets[68]. - The total borrowings increased by 10.4% to RMB 12,620,400,000 from RMB 11,436,400,000 in 2022, while net debt rose to RMB 12,555,800,000[72]. - Cash levels decreased to RMB 64,700,000 from RMB 95,600,000 in the previous year, with current assets dropping by 42.8% to RMB 12,566,600,000[72]. Debt Restructuring and Financial Challenges - The company has faced financial difficulties due to the inability to repay certain maturing loans and notes, leading to the appointment of a temporary liquidator for restructuring purposes[12]. - The company has announced a debt restructuring plan after encountering financial difficulties related to unpaid loans and notes since June 2022[19]. - The company has appointed joint provisional liquidators for debt restructuring, with a court hearing scheduled for June 7, 2024[70]. - The company has entered into a restructuring support agreement with creditors on September 29, 2023, aimed at providing a sustainable capital structure and protecting shareholder interests[90]. - The proposed debt restructuring plan allows creditors to exchange existing claims for six or seven-year notes or extend the maturity of bonds by ten years[90]. - The company is actively negotiating with lenders for waivers on cross-default clauses related to secured and unsecured bank borrowings[88]. - The company is facing legal actions from certain lenders, which may complicate the execution of the restructuring measures[135]. - The management acknowledges significant uncertainties regarding the company's ability to implement plans and measures successfully[129]. Market Conditions and Industry Outlook - The macroeconomic environment remains uncertain, with ongoing geopolitical tensions and a weakening global economic growth momentum[14]. - The real estate industry in China is expected to continue facing challenges, with homebuyers needing more time to make purchasing decisions due to uncertainties in housing prices and income[14]. - The company expects recent supportive policies from local governments to positively impact the overall market conditions[19]. - The company remains confident in the long-term development of the real estate industry in China despite current challenges[15]. - The company anticipates ongoing uncertainty in the macroeconomic environment, with challenges in the real estate sector expected to persist, impacting property demand and supply dynamics[57]. Operational Strategies and Project Development - The company plans to leverage project whitelist support policies to stabilize operations and promote cash flow through asset disposal[15]. - The company aims to advance the construction progress of the Fengwei Village renovation project in Huangpu District, Guangzhou, to achieve sales recovery[15]. - The company is prioritizing the delivery of properties to ensure customer satisfaction amid a challenging market environment[19]. - The company continues to monitor the construction progress of property development projects to ensure timely completion and delivery to customers[90]. - The company is committed to asset disposal to seize market opportunities and enhance cash flow, while maintaining active communication with creditors to facilitate debt restructuring[58]. Corporate Governance and Management - The company emphasizes transparency, independence, accountability, and fairness in its corporate governance practices[113]. - The management team consists of a small but efficient group to handle daily property development operations, with Mr. Jin Zhifeng appointed as CEO on April 13, 2023[146]. - The board of directors held a total of 4 meetings in 2023, with an average attendance rate of 100% for executive directors[116]. - The company has established strategic partnerships to enhance its operational management and investment planning capabilities[105]. - The company is committed to separating the management of the board from the management of the business to enhance clarity in responsibilities[113]. Risk Management - The company has established a permanent risk management committee to guide the team in monitoring significant risks during daily operations[80]. - The company emphasizes the importance of monitoring high-risk factors across strategic, regulatory, operational, financial, and liquidity aspects[182]. - The internal audit department plays a crucial role in ensuring the effectiveness of the internal control and risk management systems[179]. - The company maintains that its existing internal control system is effective in managing risks associated with achieving business objectives[184]. Employee and Workforce Management - The company has a total of 591 full-time employees, with 412 working in property management offices across various cities in the Greater Bay Area and other regions[82]. - Employee costs decreased by 33.94% to RMB 137,000,000, mainly due to a 29.56% reduction in headcount following strict cost control measures implemented since late 2021[62]. - The gender ratio of the workforce, including senior management, is 60.07% male (355 employees) and 39.93% female (236 employees)[121]. - The board currently consists of 2 female directors and 4 male directors, achieving gender diversity with a goal to maintain at least the current level of female representation[120]. Future Outlook and Plans - The company plans to accelerate the sale and promotion of remaining property units to mitigate market risks and enhance cash flow[66]. - The company is actively pursuing alternative financing options, including equity financing, to meet existing financial obligations and future operating expenses[90]. - The company aims to remove the disclaimer of opinion in the upcoming audit for the fiscal year ending December 31, 2024, contingent on the success of the restructuring plan[96]. - The company will hold its 2024 annual general meeting on May 31, 2024, at a designated location in Hong Kong[164].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 1,632,355,000, a decrease of 21% compared to RMB 2,069,989,000 in 2022[5] - The gross loss for the year was RMB 83,795,000, improving from a gross loss of RMB 205,244,000 in the previous year[5] - The total comprehensive loss for the year amounted to RMB 3,854,026,000, compared to RMB 3,733,363,000 in 2022, indicating a slight increase in losses[7] - Basic and diluted loss per share for the year was RMB 0.413, marginally better than RMB 0.414 in 2022[7] - The company reported a total loss before tax of RMB 3,573,415,000 for the year[40] - The company reported a net loss of approximately RMB 3,854,000,000 for the year, compared to RMB 3,594,700,000 in 2022, with losses attributable to owners amounting to RMB 3,489,400,000[122] - The company recorded a net loss of approximately RMB 3,854,026,000 for the year ended December 31, 2023[157] Assets and Liabilities - Non-current assets decreased to RMB 8,223,757,000 from RMB 3,983,088,000 in the previous year, reflecting a significant reduction[9] - Current assets also decreased to RMB 12,566,648,000 from RMB 20,456,884,000, indicating a decline in liquidity[9] - Total liabilities decreased slightly to RMB 17,623,614,000 from RMB 19,009,098,000, showing a reduction in financial obligations[10] - The company reported a net asset deficit of RMB 2,194,794,000, compared to a net asset surplus of RMB 1,707,111,000 in 2022, indicating a significant deterioration in financial health[10] - The total assets as of December 31, 2022, amounted to RMB 25,965,211 thousand, while total liabilities were RMB 24,258,100 thousand[47] - Total assets decreased by 19.9% to RMB 20,790,405,000 from RMB 25,965,211,000 in the previous year, with development properties accounting for 54.1% of total assets[124] - The total borrowings amounted to approximately RMB 12,620,489,000, with about RMB 7,732,814,000 due within the next 12 months[157] - The company has several defaults or cross-defaults on borrowings totaling approximately RMB 7,083,728,000[157] Cash Flow and Financing - As of December 31, 2023, the group's current liabilities net and net debt were approximately RMB 5,056,966,000 and RMB 2,194,794,000, respectively, with total bank and other borrowings amounting to approximately RMB 12,620,489,000[15] - The group is actively seeking new financing or additional capital inflows through various channels, including new financing from financial institutions and asset sales[22] - The company is seeking alternative financing options, such as equity financing, to meet existing financial obligations and future operating expenses[23] - The company has not seen significant improvement in obtaining new financing since early 2022, exacerbating current liquidity constraints[78] - The company is actively negotiating with lenders for waivers on cross-default clauses related to secured and unsecured bank loans[143] Debt Restructuring - The group is continuing to follow up on the unfinished debt restructuring, with a restructuring support agreement established with creditors on September 29, 2023[23] - The proposed debt restructuring plan allows creditors to exchange existing claims for six or seven-year notes or extended ten-year revised medium-term bonds[25] - The group is actively communicating with creditors to obtain sufficient support for the restructuring plan and is confident in achieving the necessary backing[25] - The company has entered into restructuring support agreements with creditors, pending majority approval from the plan creditors[160] - The company has applied for the appointment of "light touch" provisional liquidators to facilitate restructuring efforts[158] Operational Challenges - The group failed to repay principal amounting to RMB 498,800,000 on bank loans, leading to the initiation of enforcement procedures by the bank[19] - Legal proceedings related to unpaid loans and other obligations are ongoing, indicating significant uncertainty regarding the group's ability to continue as a going concern[20] - The company acknowledges significant uncertainty regarding the realization of its plans and measures, which may impact its ability to continue as a going concern[140] - The independent auditor has expressed a disclaimer of opinion regarding the company's ability to continue as a going concern[157] Revenue Breakdown - Property sales revenue was RMB 1,529,952,000, down 22% from RMB 1,949,149,000 in the previous year[37] - Property management service revenue decreased to RMB 81,556,000 from RMB 95,258,000, representing a decline of 14%[37] - Rental income fell to RMB 18,352,000, down 21% from RMB 23,174,000 in 2022[37] - The total property sales (net of direct taxes) for the year is RMB 1,530,000,000, a decrease from RMB 1,949,100,000 in 2022, representing a decline of approximately 21.5%[117] Cost Management - The company's administrative and other expenses increased by 17.3% to RMB 492,600,000, up from RMB 420,000,000 in 2022, primarily due to severance payments and legal fees related to debt restructuring[118] - Financial expenses for the year amounted to RMB 1,259,400,000, slightly up from RMB 1,237,400,000 in 2022, with a significant portion capitalized in development costs[120] - The company is focused on controlling administrative costs through various channels, including optimizing human resources and adjusting management salaries[143] Project Development - The company is closely monitoring the construction progress of its property development projects to ensure timely completion and delivery to customers[143] - The company aims to accelerate the pre-sale and sale of completed properties to generate sufficient net cash inflows[23] - The company delivered properties with a total revenue of RMB 1.665 billion in 2023, down 21% from RMB 2.121 billion in 2022, with a total construction area of 212,000 square meters delivered[80] Market Conditions - The gross loss margin for property sales this year is 9.0%, compared to a gross profit margin of 13.1% in 2022, reflecting increased competition in the Chinese market[117] - The company expects to continue addressing risks and leveraging project support policies to stabilize operations in 2024[115] Future Outlook - The board believes that the current plans and measures are the most commercially viable solutions to address liquidity issues and ensure ongoing operations[145] - The company plans to advance the Huangpu District Fengwei Village renovation project to achieve sales recovery[115]

Economic Conditions - The general economic conditions in China improved slightly in the first half of 2023, but the real estate market continues to face significant challenges, with property sales slowing dramatically and prices falling [21]. - The management expects supportive policies from local governments to positively impact overall market conditions in the real estate industry [22]. - The management anticipates that recent supportive policies from local governments will positively influence the overall market conditions [24]. - The management expects continued monetary easing and increased financial support to create a synergistic effect for the real estate sector [24]. - The company faced significant risks due to ongoing government austerity measures in the property sector, which have restricted demand and lending, impacting cash flow [170]. Financial Difficulties - The company has encountered financial difficulties since late June 2022, leading to the appointment of provisional liquidators for debt restructuring purposes approved by the Bermuda Court on 15 August 2022 [23]. - The company has been unable to meet its liabilities due to difficulties in raising funds through traditional capital market channels, creating liquidity pressure [21]. - The Group's financial difficulties began in June 2022 due to the inability to repay certain maturing loans and notes, leading to a restructuring plan approved by the Bermuda court [25]. - The hearing for the Group's restructuring application has been postponed to October 6, 2023, by the Bermuda Supreme Court [25]. - The company is actively negotiating a debt restructuring plan with creditors, following the appointment of joint provisional liquidators [145]. - The company plans to enhance liquidity by improving net cash from operating activities and restructuring debt [142]. Sales and Revenue - In the first half of 2023, the Group achieved contracted sales totaling RMB 653 million, a decline of 46% compared to RMB 1.2 billion in the same period of 2022 [27][29]. - For the six months ended June 30, 2023, property sales net of direct taxes recorded RMB972.3 million, an increase from RMB700.2 million in the same period of 2022 [121]. - The Group delivered a total GFA of approximately 129,000 sq.m. across seven projects, with an average selling price of RMB8,200 per sq.m., down from RMB11,400 per sq.m. in the previous year [121]. - The gross deficit on property sales for the period was 34.4%, significantly higher than the 15.3% gross deficit recorded in the same period of 2022 [122]. - Revenue from leasing properties amounted to RMB9.4 million, a decrease from RMB13.0 million in the same period of 2022 [123]. Project Development - The Group delivered an aggregate GFA of 129,000 sq.m., an increase of 93% from 66,920 sq.m. in the first half of 2022, and recorded property sale revenue before direct taxes of RMB 1,059 million, up 39% from RMB 762 million year-on-year [28][29]. - As of June 30, 2023, the Group's project portfolio and potential land reserves totaled 33.0 million sq.m., providing a solid capacity for sustainable growth [34][36]. - The Group held 17 real estate development projects in mainland China, with 6 completed and the rest under construction or for imminent development, totaling approximately 9.9 million sq.m. of GFA [35][36]. - The total estimated saleable GFA for the Group's projects is 10,284,000 sq.m., with 7,317,000 sq.m. accumulated delivered as of June 30, 2023 [42]. - The total accumulated delivered saleable GFA across all projects is 3,838,000 sq.m. [42]. Financial Performance - The net loss for the period was approximately RMB1,025.8 million, a reduction of 37.1% from RMB1,631.1 million for the same period in 2022 [135]. - The total comprehensive loss for the period was RMB 1,101,885,000, down from RMB 1,708,285,000 in the same period of 2022 [176]. - The company incurred a loss of RMB 991,869,000 for the period, which is a significant decrease from the loss of RMB 1,622,300,000 reported in the same period of the previous year [185]. - The company reported accumulated losses of RMB 2,135,154, compared to RMB 1,143,285 in the previous period, indicating a significant increase in losses [179]. - The company recorded a foreign exchange loss on financing activities due to the depreciation of RMB against HK$ and US$ [130]. Cost Management - Administrative and other expenses decreased by 47.1% to RMB95.5 million, down from RMB180.6 million in the same period of 2022, due to cost control measures [128]. - Total staff costs amounted to RMB74.3 million, a reduction from RMB119.7 million in the previous year, reflecting a 37.8% decrease in staff numbers to 686 [129]. - Sales and marketing expenses increased by 24.9% to RMB70.1 million compared to RMB56.1 million in the previous year [127]. Asset Management - Total assets decreased by 10.7% to RMB23,193.9 million from RMB25,965.2 million at the end of 2022, with properties under development constituting 50.2% of total assets [141]. - The estimated fair value of pledged assets was approximately RMB17.7 billion as of June 30, 2023 [159]. - The Group's investment properties consist of five properties with an aggregate GFA of approximately 328,000 sq.m. and a total fair value of RMB 2,905.1 million as of June 30, 2023 [102]. - The Group's total GFA from projects jointly developed or managed is approximately 300,000 sq.m. as of June 30, 2023 [91]. Market Outlook - The Group remains cautious about the real estate market in the second half of 2023 due to ongoing difficulties and sluggish demand [116]. - The company is exploring natural hedging methods, such as investing in regions where USD and HKD are functional currencies, to mitigate the impact of RMB depreciation [168].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公佈之全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SKYFAME REALTY (HOLDINGS) LIMITED (已委任臨時清盤人) （以重組為目的） ( ) (股份代號: 00059及債券股份代號：5310, 5311, 5367, 5379, 5567, 5580, 5602, 5626, 5821 及5855) 截至二零二三年六月三十日止 六個月之中期業績公佈 未經審核中期業績 天譽置業（控股）有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司 （統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合中期業績，連同 二零二二年同期之比較數字。 ...

Market Challenges - The global real estate market faced unprecedented challenges in 2022 due to the pandemic, high inflation, and interest rate hikes, leading to a significant decline in sales for major industry players[13]. - The overall market demand and purchasing power remained weak, resulting in a substantial drop in sales figures compared to previous years[13]. - The liquidity risk in the industry has worsened, with many private real estate companies experiencing liquidity difficulties, making the assurance of property delivery and liquidity risk resolution top priorities[13]. Financial Performance - In 2022, the company recorded a total contract sales amount of RMB 1.5 billion, a decrease of 86% compared to the previous year[20]. - The revenue from delivered properties in 2022 was RMB 2.1 billion, down 73% year-on-year[24]. - The net loss attributable to shareholders was approximately RMB 3.49 billion, an increase of about 11.3 times compared to the previous year[21]. - The company faced financial difficulties in repaying several due loans and notes since late June 2022[21]. - The property sales for the year amounted to RMB 1,949,100,000, a decrease of 74.0% compared to RMB 7,484,200,000 in the previous year[70]. - The average selling price of properties delivered was RMB 8,000 per square meter, down from RMB 9,700 per square meter in the previous year, reflecting a competitive market environment[70]. - The gross loss margin for property sales was 13.1%, significantly lower than the previous year's gross profit margin of 21.5% due to intense market competition[70]. - Total assets decreased by 15.6% to RMB 25,965,211,000 from RMB 30,776,471,000 in the previous year[78]. - Net assets fell by 69.6% to RMB 1,707,111,000 compared to RMB 5,619,708,000 in the previous year[78]. - Financial expenses for the year were RMB 1,237,400,000, an increase from RMB 1,064,700,000 in the previous year, primarily related to project development[73]. - The company reported a net loss of approximately RMB 3,594,700,000 for the year, compared to a profit of RMB 109,500,000 in the previous year[75]. Debt Restructuring - The company applied for the appointment of a "light touch" provisional liquidator in Bermuda for debt restructuring, which was approved on August 15, 2022[21]. - The company is undergoing a debt restructuring plan, which includes modifying key terms of original loan agreements and converting unpaid debts into equity of project companies[98]. - The company has appointed joint provisional liquidators to assist in the restructuring process, with limited powers granted for low-intervention purposes[98]. - Active negotiations are ongoing with creditors regarding the debt restructuring plan and waivers for cross-default clauses on secured and unsecured bank loans[100]. - The management believes the current plans and measures are the most commercially viable solutions to address liquidity issues and ensure going concern[102]. - The company is exploring various options to restructure its debt due to significant liquidity pressure following a cross-default triggered by the failure to repay a secured loan of HKD 340,000,000[141]. - The board believes that the prospects for the second restructuring proposal are favorable based on creditor feedback from the second meeting[148]. Project Development - The total construction area of confirmed contracts covered 14 ongoing and completed projects[22]. - The company delivered properties with a total construction area of 268,000 square meters in 2022, compared to 846,000 square meters in 2021[24]. - The company expects a gradual recovery in the real estate market in 2023, driven by supportive policies from local governments[16]. - The company plans to accelerate the construction progress of the Huangpu District Fengwei Village renovation project to achieve sales recovery[17]. - The company is actively developing various projects, including residential, commercial, and mixed-use developments, to ensure sustainable growth in the future[26]. - The company has signed multiple cooperation agreements to acquire land totaling 11,700,000 square meters for future public auctions[56]. Corporate Governance - The company emphasizes the importance of enhancing transparency, independence, accountability, responsibility, and fairness in its corporate governance practices[124]. - The board of directors consists of seven members as of December 31, 2022, including executive and independent non-executive directors[126]. - The independent non-executive directors have a service term of two years, automatically renewing and subject to retirement provisions[126]. - The company is committed to compliance with the Hong Kong Stock Exchange's corporate governance code, with some deviations explained in the report[124][125]. - The management team has over 32 years of experience in finance and accounting related to property development and direct investment[118]. - The company has established strategic partnerships and focuses on risk analysis and financial forecasting for investment plans[114]. Risk Management - The board has established a permanent risk management committee to oversee significant risks, particularly those related to government regulations affecting the property sector[90]. - The risk management committee consists of three independent non-executive directors, focusing on risk identification and control to mitigate risks[192]. - The committee reviewed the risk management team's work and challenges faced during 2021, discussing high-risk factors across strategic, regulatory, operational, financial, and liquidity aspects[194]. - The internal audit department plays a crucial role in ensuring the proper functioning of the internal control and risk management systems[191]. - The company maintains a robust risk management and internal control system, with annual reviews to ensure effectiveness[190]. Employee and Board Diversity - The gender ratio of employees as of December 31, 2022, was 62.94% male (528 employees) and 37.06% female (311 employees)[133]. - The board currently consists of two female directors and five male directors, achieving gender diversity at the board level[132]. - The company aims to maintain a female employee ratio of around 40% in the workplace to promote gender diversity[133]. Future Outlook - The company is cautiously optimistic about China's GDP growth target of 5% for 2023, despite facing significant pressures in demand and supply[66]. - The real estate sector is expected to gradually recover in 2023, with a more noticeable improvement in the second half of the year[66].